Crypto markets have gotten a boost this year after the U.S. Securities and Exchange Commission approved an exchange-traded fund to track the spot price of bitcoin and ether.
Bitcoin and ether fell sharply on Monday to multi-month lows as worries over a possible U.S. recession in the wake of soft data gripped financial markets and prompted a rush to safe-haven assets.
Crypto markets enjoyed a boost earlier this year after the U.S. Securities and Exchange Commission approved an exchange-traded fund to track the spot price of bitcoin and ether.
But bitcoin has fallen recently together with other assets, including global equities, in a broader selloff as investors fretted over the risk of a U.S. recession and amid wider geopolitical concerns. The cryptocurrency is now down nearly 20% from its March highs.
"I think it's a big reminder that bitcoin and crypto in general are risk assets and sit at the pointy end of the risk spectrum," said Tony Sycamore, market analyst at IG.
Bitcoin sank to $53,091, its lowest since late February, and was last trading at $54,112, while ether slid to its weakest since mid-January and was last down 16% at $2,300.
Sycamore said bitcoin was testing trend channel support at the $54,000/$53,000 area and needed to hold that level to "prevent further capitulation towards $48,000."
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